EMBREX REPORTS THIRD QUARTER AND NINE MONTH RESULTS
EMBREX REPORTS THIRD QUARTER AND NINE MONTH RESULTS RESEARCH TRIANGLE PARK, N.C., Dec. 20 /PRNewswire/ -- Embrex Inc.
(NASDAQ: EMBX, EMBXW) today reported financial results for the third quarter and nine months ended Sept. 30, 1991.
The results were reported in conjunction with the required filing of a form 10-Q with the Securities and Exchange Commission within 45 days of becoming a public company, which occurred on November 7. Embrex reported a net loss of $1,133,047 ($0.79 per share) for the third quarter of 1991 compared with a net loss of $924,083 ($0.82 per share) for the comparable period last year. No revenues were recorded in the 1991 quarter compared with total revenues of $28,664 during last year's quarter. For the first nine months of 1991, Embrex reported a net loss of $3,285,321 ($2.54 per share) and total revenues of $96,019 compared with a net loss of $2,662,710 ($2.37 per share) and total revenues of $28,664 for the 1990 period. The revenue increase for the nine month period came primarily from product sales and INOVOJECT(A) egg injection system revenues. INOVOJECT was launched in December 1990. The nine month period also reflected a write-down of the carrying value of first generation INOVOJECT systems held for lease and the carrying value of certain patents, which increased the net loss for the period by $352,455. A second generation INOVOJECT system is currently completing field trials at commercial hatcheries in North Carolina. No revenues were recorded in the third quarter as commercial operation of the first generation INOVOJECT system was suspended due to the presence in the customer's hatchery of a level of microorganisms deemed unsuitable for proper system operation. Embrex Inc. develops and has recently begun marketing bioscience and bioengineering-based products to increase the productivity and profitability of the poultry industry. (A) -- INOVOJECT is a registered trademark of Embrex Inc. EMBREX INC. (A Development Stage Company) Statements of Operations Periods ended Three months Nine months Sept. 30: 1991 1990 1991 1990 Total revenues $ -- $ 28,664 $ 96,019 $ 28,664 Total operating expenses 1,017,244 958,195 2,758,611 2,760,493 Net loss (1,133,047) (924,083) (3,285,321) (2,662,710) Net loss per share of common stock ($0.79) ($0.82) ($2.54) ($2.37) Wtd. avg. shares of common stock outstanding 1,423,975 1,121,873 1,294,558 1,121,845 -0- 12/20/91 /NOTE TO EDITORS: INOVOJECT is a registered trademark of Embrex Inc./ /CONTACT: John A. Hagan of Embrex, 919-941-5185; or Douglas Johnson of GreenTree Communications, 800-428-8796, for Embrex/ (EMBX) CO: Embrex Inc. ST: North Carolina IN: MTC SU: ERN
TS -- NY006 -- 4196 12/20/91 07:36 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 20, 1991|
|Previous Article:||HYATT REGENCY MAUI GUESTS TO RECEIVE TOMORROW'S NEWS TODAY|
|Next Article:||S&P ISSUES PREANNOUNCEMENTS|